9911796707
TMI Blog2015 (10) TMI 1393X X X X Extracts X X X X X X X X Extracts X X X X ..... rs relating to the claim were truly and completely furnished by the assessee before the Assessing Officer, in our considered view, the assessee cannot be visited with penalty u/s. 271(1)(c) of the Act on the ground of furnishing of inaccurate particulars of income. We, therefore, delete the penalty - Decided in favour of assessee. - ITA No. 2308/Ahd/2010 - - - Dated:- 17-11-2014 - MUKUL SHRAWAT N.S. SAINI , JJ. For The Appellant : Shri Nimesh Yadav For The Respondent : Shri S.N. Divetia JUDGMENT : This is an appeal filed by the assessee against the o rder of the Commissioner of Income Tax (Appeals)-XXI dated 24.09.2012 2. The sole ground of appeal of the assessee relates to the order of the Commissioner of Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d business loss of ₹ 11,50,459/-against the income of the current year assessable under the head income from other sources . 6. The fact of the assessee having brought forward business loss and all the particulars in respect of income of the current year was truly and completed disclosed in the return of income filed by the assessee and as the claim of set off was based on the opinion of a qualified person, the assessee should not be visited with the liability of penalty. 7. On the other hand, the Departmental Representative contended that a professional qualified person could not have made such a mistake and therefore the assessee was correctly penalized u/s. 271(1)(c) of the Act. 8. We find that the genuineness of the aff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... negligence. 11. Further, in the circumstances, it can be held that the assessee claimed set off of brought forward business loss on his bonafide belief that the advice given by the professional person who is actively engaged in the profession of tax consultancy was correct. In the above circumstances, when the assessee makes a claim on the advice of a tax expert, though erroneous, and when complete particulars relating to the claim were truly and completely furnished by the assessee before the Assessing Officer, in our considered view, the assessee cannot be visited with penalty u/s. 271(1)(c) of the Act on the ground of furnishing of inaccurate particulars of income. We, therefore, delete the penalty of ₹ 3,91,041/- levied u/s. 27 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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